Current Attempt in Progress

Ivanhoe's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $$280,000.$ A new salon will normally generate annual revenues of $$67,320,$ with annual expenses $($including depreciation$)$ of $$38,600.$ At the end of $15$ years, the salon will have a salvage value of $$79,000.$

Calculate the annual rate of return on the project.

Annual rate of return?

Current Attempt in Progress

Ivanhoe's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $$269,000.$ A new salon will normally generate annual revenues of $$64,980,$ with annual expenses $($including depreciation$)$ of $$40,900.$ At the end of $15$ years, the salon will have a salvage value of $$75,000.$

Calculate the annual rate of return on the project.

Annual rate of return $\%$

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